GIC 2 LAST(bcm38)

Underwriting loss of the company came down to Rs 1,183 crore in the reporting year, from Rs 1,394 crore a year ago.

On expansion plan, Vaidyan said that GIC Re was planning to have its branches in the USA and China in the long term. Its representative office in Moscow has already been converted to a 100 per cent subsidiary.

Talking about the new areas, GIC Re was planning to enter, she said, "We have plans to enter areas like cyber insurance and standalone terrorism cover."

Commenting on the premium split between the domestic and the overseas business, which was at 55 per cent and 45 respectively in the fiscal 2016, she said that "we have plans to make it to 50:50 in next few years."

She also said that GIC Re was open to inorganic growth plan.

"Inorganic growth is also there on our cards. However, we are waiting for right opportunity for the same," she said.

GIC Re has recently bagged the ONGC reinsurance account, which has seen stiff competition in the market.

"GIC Re will now target leadership of more mega risk companies in the international market. The company has already got leadership in such segment in the country," she said.